Securities Lawyers Blog
Currently financial advisor John Sullivan (Sullivan), currently employed by brokerage firm Huntleigh Securities Corporation has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $80,000.00 on July 20, 2021.
Claimants do not reference any dates or specific products in their Statement of Claim, other than referencing ‘alternative investments.’ Claimants also did not include the representative as a Respondent to this arbitration. The foregoing notwithstanding, Claimants purchased two investments commonly referred to as non-exchange traded REITs or alternative investments on or about February 8, 2015. Claimants allege that Respondent breached a fiduciary duty to Claimants, failed to conduct adequate due diligence, perform proper suitability analyses, provide balanced disclosures, implement appropriate internal controls, and to properly train its financial advisor. The Company’s first notice of any complaint about this purchase from the Claimants was upon receipt of the notice of Statement of Claim filed by Claimants, nearly six and a half years after the purchase.